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Oil company Pantheon Resources swung to a full-year profit after it booked a gain on the purchase of the Great Bear prospect in Alaska, which offset writedowns in Texas.
Pre-tax profit for the year through June amounted to $16.7m, compared to losses of $8.8m on-year, and included a 'gain on bargain purchase' of Great Bear.
Operating losses, however, deepened to $55.3m owing to exploration and asset writedowns.
Revenue fell to $0.72m, down from $1.01m.
Pantheon said a process to sell down a part stake in Alsaka was 'well underway'.
'Pantheon's intention is to secure a farmout partner in order to begin drilling this year with first production shortly thereafter, as the oil field is located immediately under the Trans Alaska Pipeline,' it said.